Faster Payments was launched in the UK in May 2008 and is now part of daily life. By 2024, the Faster Payment system was processing more than five billion transactions a year, with a value of £4.2 trillion. Unsurprisingly, the technology requirements have changed, and replacing a system that operates 24/7/365, with volumes growing at 15% a year is no simple task, not least while maintaining and improving resilience and customer experience.
The existing infrastructure was, complex, and heavily integrated with various payment channels and processing systems. Rather than just upgrading its technology, Nationwide set an ambition to go further, embracing next-generation payments and reinventing customer experiences at speed and scale. Nationwide chose to modernise its payment processing infrastructure by shifting to a cloud-native, event-driven architecture.
Nationwide is well-placed to cope with the next 17 years of Faster Payments!
A highlight reel of Nationwides's initiative, along with a one-page overview are available to everyone. A full-length case study report diving into this initiative is only available to Celent's subscribers. Please log in to access this report.
